REGISTERED COMPANY NUMBER: 01352725 (England and Wales) REGISTERED CHARITY NUMBER: 275557 **Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2020** ## **St. Peter's & St. Paul's Marlborough Trust Limited** St. Peter's & St. Paul's Marlborough Trust Limited Page 1 **Contents of the Financial Statements for the Year Ended 31 December 2020** ||**Page**|| |---|---|---| |Report of the Trustees||3 to 5| |Independent Examiner's Report||6| |Statement of Financial Activities||7| |Balance Sheet|8 to 9|| |Notes to the Financial Statements||10 to 13| |Detailed Statement of Financial Activities||14 to 15| ## **St. Peter's & St. Paul's Marlborough Trust Limited** ## **Report of the Trustees** 2 Page ## **for the Year Ended 31 December 2020** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 01352725 (England and Wales) ## **Registered Charity number** 275557 ## **Registered office** 25, The Green Marlborough Wiltshire SN8 1AW ## **Trustees** Christopher J Rogersretired 15/6/2020 Christopher M Rogers elected 15/6/2020 Angela Price retired 15/6/2020 Jeremy York David Du Croz Alison Galvin-Wright John Yates David Williamson Michael Williams Simon Eveleigh Jane Nicholson Ronald Yates Jane O’Regan AnneMarie Newbigin elected 15/6/2020 Michael Stokes elected 15/6/2020 ## **Company Secretary** Mr. Antony Michael ## **Independent examiner** Mrs. V.K. Parkes BSc. ACMA Yew Tree Cottage Great Shefford Hungerford RG17 7EE ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **GOVERNING DOCUMENT** Page 3 The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Trustees are nominated by the existing trustees and elected by the members at the annual general meeting. Under the Articles of Association, one third of the trustees retire by rotation and are eligible for re-election at the annual general meeting. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. When appointing new trustees, the trustees have regard to the guidance issued by the Charity Commission for their induction and training. A list of Management Committee members who served during the year can be obtained from the Secretary at the company's registered office. Risk management The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. ## **OBJECTIVES AND ACTIVITIES** The charity's objects and main responsibilities are to maintain and preserve the structure and facilities of the redundant church of St Peter's Marlborough for the benefit of the community at large, for cultural and educational purposes. The trustees have paid due regard to the guidance issued by the Charity Commission in deciding what activities the charity should undertake. Inevitably because of the pandemic many of the activities that usually take place in the church were severely restricted by government regulation. A couple of the Trust's own concerts were possible before lockdown was imposed, as was a concert by a local a cappella band. The local History Society was able to hold two of its regular meetings. Thereafter most things came to a halt, so even when lockdowns were lifted, social distancing made most meetings, exhibitions, and similar activities impossible. Following government guidelines the Trust did manage to hold a couple of concerts later in the year in covid-secure surroundings to a limited audience, but apart from these the church was not used very much by the community. Tower tours became impractical under social distancing rules, the Trust's annual Choral Evensong and the annual members' party had to be cancelled, and the AGM postponed and then held virtually by email. The Trust's two licensees (the Craft Shop and the Coffee Shop) have been closed to the public for a total of four months. The Craft Shop licence ended at the end of June, and Trustees are taking the time to rethink the use of that part of the church for the future (see below). The Coffee Shop adapted splendidly to provide socially distanced seating for customers, and became extremely popular as a result, although restrictions on household mixing after the second lockdown significantly reduced availability. ## **ACHIEVEMENT AND PERFORMANCE** The Trust continued with its programme of maintenance, repair and improvement work during the course of the year. In particular this involved extensive conservation and redecoration work in the north aisle, including the kitchen area. Wall surfaces were stabilised, repaired and repainted; wall monuments were cleaned and mended; the stone surrounds of the windows were treated and restored to their original stone colour. The whole of this part of the church was scaffolded throughout this exercise. Page 4 The Trust also embarked on a strategy to refocus on core objectives in line with its charitable objects and activities. Three new trustees were elected by the membership at the AGM, bringing additional skills and experience to the Council. A full financial review was undertaken in conjunction with the Trust's investment managers, and longer term financial planning was incorporated into a 10 year strategy. This in turn fed into a wholesale review of the Business Plan. Working parties were established to help manage the licensees more effectively, to consider alternative uses of the west end of the church and the baptistry (previously occupied by the Craft Shop), and to review the Trust's governance and future strategy in the context of Business Plan. An overhaul of the Trust's website was also begun, and an exploration of better use of social media with a view to making the public face of the Trust and church more widely accessible. Partly in response to the need to develop alternative use of the west end (workshop space, pop-up shops, community display, exhibition space), and partly to enable the Trust to become more proactive in its engagement with the local community, the Trust is considering employing a Business Manager. This will be the first time in 42 years that the Trust has gone beyond its dependence on volunteers, and although voluntary activity will continue to be the principal operational mechanism of the Trust going forward, it is increasingly felt that professional assistance is needed. A job description and job profile were drawn up to see how this might best work. Another key aspect of this review was the restructuring of the Trust by the replacement of the Management Committee by three sub-committees: Finance, Operations, and Outreach. Trustees have reviewed these reform proposals and are now preparing to take these ideas forward in 2021. The lockdown closures reduced the Trusts’s income from collections, licensees and lettings, but this was largely offset by reduced utilities costs. Expenditure on the north aisle restoration was met from deposit account reserves, as planned. The Trust’s portfolio fell in value with the onset of COVID19, but has since largely recovered. Dividend interest for the year was less than hoped and new instructions to our investment managers seek to improve this. Planned activities for 2021, including the south aisle restoration work and employment of a Business Manager, have been budgeted for. Overall, the Trust’s finances are secure and have proved to be reassuringly resilient during an uncertain twelve months. As the Trust's activities, achievements and performance in 2020, and its plans for the future demonstrate, this level of financial wellbeing is necessary in order to cover the costs of maintaining and improving a 550 year-old building, to safeguard against unforeseeable circumstances, and to bring the church more into the local consciousness. The Trustees continue to give freely of their time, effort and expertise. ## **PLANS FOR THE FUTURE** Trustees have approved further works in the south aisle, Lady Chapel, Baptistry and west end in line with those carried out in the north aisle in 2020. Taking advantage of the opportunities presented by any future lockdowns, this will enable the church to reopen when government regulations allow fit, ready and brilliantly bright to welcome back visitors and customers. In addition plans have been made to have the clock face repaired and repainted, and are in progress to replace the worn stone corbels on the outside of the west window. The wholesale review of the Trust's operations outlined above which have been begun in 2020 will continue into 2021, with the recruitment of a Business Manager one of the key Page 5 components of the implementation of the new strategy. Development of new uses of the west end, and embedding of the new committee structure will also be key features of the Trust's activities. In order to maintain the strong voluntary support of the Trust, more widespread promotion of the church and the Trust's operation will be undertaken, supported by a drive to increase membership, and to find new Trustees to strengthen the skill sets of the Council. ## **ON BEHALF OF THE BOARD** ............................................................................. Antony Michael - Company Secretary Date:...................................................... ## **Independent Examiner's Report to the Trustees of St. Peter's & St. Paul's Marlborough Trust Limited** I report on the accounts for the year ended 31 December 2020 set out on pages seven to fifteen. ## **Respective responsibilities of trustees and examiner** The charity's trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: - examine the accounts under Section 145 of the 2011 Act - to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and - to state whether particular matters have come to my attention. ## **Basis of the independent examiner's report** My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view ' and the report is limited to those matters set out in the statements below. ## **Independent examiner's statement** In connection with my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that, in any material respect, the requirements - to keep accounting records in accordance with Section 386 and 387 of the Companies Act 2006; and - to prepare accounts which accord with the accounting records, comply with the accounting requirements of Sections 394 and 395 of the Companies Act Page 6 2006 and with the methods and Practice: Accounting and Reporting by Charities or principles of the Statement of Recommended have not been met; (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Mrs. V.K.Parkes BSc. ACMA Yew Tree Cottage Great Shefford Hungerford RG17 7EE Date: ............................................. ## **St. Peter's & St. Paul's Marlborough Trust Limited** **Statement of Financial Activities for the Year Ended 31 December 2020** ||**31/12/20**
**20**|**31/12/20**
**19**| |---|---|---| |**Notes**|**£**|**£**| |**INCOMING RESOURCES**||| |Incoming resources from
generated funds||| |Voluntary
income
**2**|10,347|29,380| |Activities for generating funds
**3**|16,620|28,120| |Investment
income
**4**|11,226|14,627| |Other incomingresources|1,387|4,443| |**Total incoming resources**|**39,580**|**76,569**| |**RESOURCES EXPENDED**||| |Costs of generating funds||| |Costs of generating voluntary
income|15,945|29,234| |Investment management costs
**5**|1,948|2,015| |Governance
costs|9,481|5,413| |Other resources expended|30,394|11,469| |Total resources expended|57,768|48,131| |**NET INCOMING /**
**(OUTGOING) RESOURCES**
**6**|**(18,188)**|**28,439**| |Other recognised gains/losses||| |Gains/losses on investment
assets|(16,190)|37,518| |Page
7||| |Net movement in funds|**(34,378)**|**65,957**| |---|---|---| |**RECONCILIATION OF FUNDS**||| |**Total funds brought forward**|**630,554**|**564,597**| |**TOTAL FUNDS CARRIED**
**FORWARD**|**596,176**|**630,554**| ## **St. Peter's & St. Paul's Marlborough Trust Limited** ## **Balance Sheet At 31 December 2020** |**Notes**|**31/12/20**
**20**|**31/12/20**
**19**| |---|---|---| ||**£**|**£**| |**FIXED ASSETS**||| |Tangible assets
**8**|38,464|39,146| |Programme related
investments
**9**|414,807|430,997| ||453,271|470,143| |**CURRENT**
**ASSETS**||| |Stocks|746|583| |Debtor
s
**10**|3,225|2,491| |Prepayments and accrued
income|397|374| |Cash at bank and in hand|140,310|163,166| ||**144,678**|**166,614**| |**CREDITORS**||| |Amounts falling due within one
year
**11**|(1,773)|(6,203)| |**NET CURRENT ASSETS**|**142,905**|**160,411**| |**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**|596,176|630,554| |**NET ASSETS**|596,176|630,554| |**FUND**
**S**
**12**||| |Unrestricted
funds|596,176|630,554| |**TOTAL FUNDS**|**596,176**|**630,554**| 8 Page ## **St. Peter's & St. Paul's Marlborough Trust Limited** ## **Balance Sheet - continued** ## **At 31 December 2020** The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020. The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015). The financial statements were approved by the Board of Trustees on ............................................. and were signed on its behalf by: ............................................. David Du Croz -Trustee ............................................. John Yates -Trustee ............................................. Antony Michael - Trustee 9 Page ## **St. Peter's & St. Paul's Marlborough Trust Limited** ## **Notes to the Financial Statements** **for the Year Ended 31 December 2020** ## 1. **ACCOUNTING POLICIES** ## **Accounting convention** The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities. ## **Incoming resources** All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. ## **Resources expended** Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. Piano : is not depreciated Fixtures and Fittings : are depreciated at 10% of cost per annum ## **Stocks** Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 10 Page Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. ## **St. Peter's & St. Paul's Marlborough Trust Limited** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2020** ## **2 VOLUNTARY INCOME** Gift Aid was claimed on the eligible elements of Voluntary income and on an eligible Concert donation. |**3**
**ACTIVITIES FOR GENERATING**
**FUNDS**|**31/12/20**
**20**|**31/12/20**
**19**| |---|---|---| ||**£**|**£**| |Income from
Licensees|5,580|15,200| |Income from other lettings|11,039|12,920| ||**16,619**|**28,120**| |||| |**4**
**INVESTMENT INCOME**|**31/12/20**
**20**|**31/12/20**
**19**| ||**£**|**£**| |Deposit account interest|292|887| |Portfolio Dividends &
Interest|10,934|13,740| ||11,226|14,627| |**5**
**INVESTMENT MANAGEMENT**
**COSTS**|**31/12/20**
**20**|**31/12/20**
**19**| ||**£**|**£**| |Portfolio
management|1,948|2,015| |**6**
**NET INCOMING/(OUTGOING)**
**RESOURCES**|**31/12/20**
**20**|**31/12/20**
**19**| |Net resources are stated after charging/(crediting):|**£**|**£**| |Depreciation - owned assets|681|681| |**7**
**TRUSTEES' REMUNERATION AND BENEFITS**||| |There were no trustees' remuneration or other benefts for the year ended 31 December 2020
nor for the year ended||| |31 December
2019.||| |**Trustees'**
**expenses**||| Page 11 There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019. ## **St. Peter's & St. Paul's Marlborough Trust Limited** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2020** ||**8**
**TANGIBLE FIXED ASSETS**||**£**
42,094
0
**42,094**
3,630
**38,464**
**39,146**
**Equity**
**£**
276,347
154,650
(16,190)
138,460
414,807
430,997
**31/12/20**
**19**
**£**
2,492
**31/12/20**
**19**
**£**
6,203| |---|---|---|---| ||Plant and machinery etc||| ||**COST**||| ||At 1 January 2020||| ||Additions||| ||At 31 December 2020||| ||**DEPRECIATION**||| ||Depreciation to date @
31 December 2020||| ||**NET BOOK VALUE**||| ||At 31 December 2020||| ||At 31 December 2019||| ||**9**
**PROGRAMME RELATED**
**INVESTMENTS**||| ||||| ||**MARKET VALUE**||| ||At 1 January 2020 and 31 December
2020||| ||**PROVISIONS**||| ||At 1 January 2020||| ||Revaluation adjustments||| ||At 31 December 2020||| ||**NET BOOK VALUE**||| ||At 31 December 2020||| ||At 31 December 2019||| ||**10**
**DEBTORS: AMOUNTS FALLING DUE WITHIN**
**ONE YEAR**|**31/12/2**
**020**|| |||**£**|| ||Trade debtors|3,225|| ||**11**
**CREDITORS: AMOUNTS FALLING DUE WITHIN**
**ONE YEAR**|**31/12/2**
**020**|| |||**£**|| ||Other creditors|1,774|| ## **St. Peter's & St. Paul's Marlborough Trust Limited** Page 12 ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2020** |**12**
**MOVEMENT IN**
**FUNDS**|**12**
**MOVEMENT IN**
**FUNDS**|||| |---|---|---|---|---| |||**At**|**Net**
**Moveme**
**nt**|**At**| |||**01/12/2**
**0**|**in**
**Funds**|**31/12/2**
**0**| |||**£**|**£**|**£**| |**Unrestricted**
**funds**||||| |General fund||630,554|(34,378)|596,176| |**TOTAL**
**FUNDS**||630,554|(34,378)|596,176| |Net movement in funds, included in the above are as
follows:||||| ||**Incomi**
**ng**|**Resour**
**ces**|**Gains**
**and**|**Movem**
**ent**| ||**Resour**
**ces**|**Expend**
**ed**|**Losses**|**in**
**Funds**| |**Unrestricted**
**funds**|**£**|**£**|**£**|**£**| |General fund|39,580|(57,768)|(16,190)|(34,378)| |**TOTAL**
**FUNDS**|39,580|(57,768)|(16,190)|(34,378)| **St. Peter's & St. Paul's Marlborough** Page 13 ## **Trust Limited** ## **Detailed Statement of Financial Activities for the Year Ended 31 December 2020** |**INCOMING**
**RESOURCES**|**31/12/2**
**020**|**31/12/2**
**019**| |---|---|---| ||**£**|**£**| |**Voluntary income**||| |Collection Boxes|297|1,217| |Donations|343|799| |Gift aid|1,742|2,389| |Legacies|3,500|20,000| |Subscriptions|4,465|4,975| ||**10,347**|**29,380**| |**Activities for generating**
**funds**||| |Income from Licensees|5,580|15,200| |Income from other
lettings|11,039|12,920| ||**16,619**|**28,285**| |**Investment income**||| |Deposit account interest|292|887| |Portfolio Dividends &
Interest|10,934|13,740| ||**11,226**|**13,312**| |**Other incoming**
**resources**||| |Sale of mugs and cards
etc|50|250| |Tower Visits|0|1,533| |Sundry Income|173|398| |Event Sales|350|318| |Net income from
Concerts|814|1,944| ||**1,387**|**4,443**| |||| |**Total incoming**
**resources**|**39,579**|**76,569**| |**RESOURCES**
**EXPENDED**||| |**Investment management**
**costs**||| |Portfolio management|1,948|2,015| |**Governance costs**||| |Accountancy|640|640| |Computer Costs|744|648| |Printing & Stationery|1,441|1,841| |Cleaning|1,204|2,066| Page 14 |Annual Return Fee &
Other|13|85| |---|---|---| |Licensee Fee Refund|5,262|0| |Telephone|177|133| ||**9,481**|**5,413**| **St. Peter's & St. Paul's Marlborough Trust Limited** ## **Detailed Statement of Financial Activities for the Year Ended 31 December 2020** ||**31/12/2**
**020**|**31/12/2**
**019**| |---|---|---| |**Other resources**
**expended**|**£**|**£**| |Building Maintenance -
Build|2,873|7,566| |Building Maintenance -
Elec|2,318|1,298| |Building Maintenance -
Misc|260|398| |Build Maint -
Landscaping|668|678| |Build Maint - New Build|23,594|847| |Fixtures and
fttings|681|681| ||**30,394**|**11,468**| |**Support**
**costs**||| |**Management**||| |Rates and
water|1,591|1,951| |Insura
nce|4,371|3,504| |Light and heat|9,117|15,984| |Advertising &
Promotion|250|195| |Sundri
es|106|1,743| |Equipment|510|5,857| ||15,945|29,234| |||| |**Total resources**
**expended**|57,768|48,130| |**Net income before gains and**
**losses**|**(18,188**
**)**|**28,439**| |**Realised recognised gains**
**and losses**||| Page 15 |Realised gains/(losses) on investment
property|(16,190)|37,518| |---|---|---| |**Net income**|**(34,378**
**)**|**65,957**| 16 Page